- Noted crypto analyst Michaël van de Poppe suggests that the upcoming days could be a turning point for Bitcoin (BTC), based on its performance against the 200-week moving average (MA).
- He predicts that if Bitcoin manages to reclaim a key support level, it may ignite rallies, but failing that, it could decline to as low as $26,000 before any significant rebound.
Deciphering Bitcoin’s Future Trajectory
Michaël van de Poppe, a widely-followed crypto strategist, forecasts a critical juncture for Bitcoin (BTC) in the coming days. Keeping his 657,000 Twitter followers abreast, Van de Poppe is closely watching if Bitcoin can retest the 200-week moving average (MA) as a support line.
In his viewpoint, a successful retest of this technical indicator might signal an end to Bitcoin’s ongoing correction. Recalling historical patterns, he observes that retesting the 200-week MA has traditionally been a prime time for accumulation. Moreover, he notes that Bitcoin has remained undervalued for a significant period over the past six months.
Bitcoin’s Performance Against Key Technical Indicators
At the time of this report, the 200-week moving average floats at around $26,283. Van de Poppe also throws light on the possibility of Bitcoin regaining a crucial support level, which, if successful, might trigger upward rallies. He warns, however, that failing to do so could see Bitcoin slide to roughly $26,000 before experiencing a bounce back.
Highlighting Bitcoin’s recent pattern, he notes a choppy trend rejecting at $27,200 and consolidating. He also brings attention to the CME (Chicago Mercantile Exchange) gap hovering near $26,900. To witness any sustained momentum, Van de Poppe believes that Bitcoin must break and flip the $27,200 mark.
As it stands, Bitcoin trades at $26,665, a decrease of over 2% in the last 24 hours, hinting at the volatile days that may lie ahead. Van de Poppe’s analysis puts the spotlight on the pivotal moments in the coming days that could determine Bitcoin’s direction, potentially impacting the broader crypto market.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
